Nanocatalysis is an emerging technology with significant research being done on materials and production methodologies. The technology utilizes materials in the form of catalysts for a range of applications (both hetero and homogeneous). For heterogenous catalysis, nanoparticles of metals, semiconductors, oxides, and similar materials have been used. Achieving a wide range of temperature stability and selectivity characteristics are important parameters for selection of a nanocatalyst. Moreover, cost and commercial production are major challenges. Hence, stakeholders select low cost raw materials for the preparation of nanocatalysts. North America holds high opportunities for development of next generation nanocatalysts.